New Zealand commodity prices rose for a sixth straight month, posting the largest gain since November 2007 as aluminium, pelts, lumber, wool and dairy advanced.
The ANZ Commodity Price Index rose 4.3 per cent in August and has gained 12 per cent from its low in February. Prices rose for seven of the commodities monitored, four fell and two were unchanged.
The monthly ANZ series comes as companies say they've seen the bottom in their markets.
NZ Farming Systems Uruguay chairman Keith Smith last week said that while uncertainty remains over milk prices, "present expectations are for gradual improvement over the course of the coming year."
Milk powder jumped 24 per cent in Fonterra's online auction this week.
Aluminium and pelts rose 15 per cent in August from July, according to the ANZ report.
Lumber gained 8 per cent, wool rose 7 per cent and dairy gained 5 per cent. Logs rose 4 per cent and seafood gained 1 per cent.Among decliners, kiwifruit fell 3 per cent and apples dropped 1 per cent. Beef fell 0.3 per cent and lamb prices declined 0.5 per cent.
Wood pulp and venison were unchanged.
The NZD Commodity price Index fell 0.7 per cent in August as a stronger kiwi dollar erased the gains in world commodity prices.